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time, the effectiveness of creating an environment that allow us to reduce operational risk. so just not a cost cutting exercise. of course in our industry which is a high people intensive industry, the majority of the cuts comes on people. >> nthey're cutting around 15% f the total workforce and areas most affected will be fixed income primarily in london an new york. if we look past the restructuring announcement, if we look at the underlying business performance in the third quarter respect that was actually better than many anticipated. investment banking pretax profit beat by the largest margin by 48%. investment revenues did see a strong rise. wealth management franchise which really is what they want to focus on, net new money came in stronger than forecast at 7.7 billion swiss francs. kelly. >> carolyn, thanks very much. >> and what's extraordinary is the ubc has been tweeting this morning this is a extra strategic acceleration from a position of strength. if you're in the fixed income unit, you've been strategically accelerat accelerated -- >> out the door. one way to descri
from financials. how much worse will it get? >> it's also the regulatory environment. the barclays particularly in this country, a whole focus on bank management pay and so on. so clearly they're trying to respond to that regulatory and social push for lower pay to bank management. so with all of this in mind, if they can control costs, they can refocus business on either higher margin business or better quality business, at some point will be profitable. >> it broaden out to the market in general, you point out that, yes, earnings have been relatively in line with the paths. beating estimates like two-third of the time, but falling short on the revenue side. it doesn't necessarily point to a stronger market longer term. >> to me the early season in the u.s. has been poor. share negative for the first time in three years year on year. and revenue growth will be one of the key metrics to look at in the current environment. if nominal terms these countries cannot generate growth, what ask z. it mean for the global economy. >> 63% of cash flow is going to buy backs. what were the sect
, but i'm now of the opinion that really we'll see a very, very quiet environment from now really through the election. not just into the jobs number, but through the election. because i think there's just too much event risk out there for people to take any meaningful positions. >> great point. we'll leave it there. >>> still to come, new york slowly coming back to life after sandy brought most of the state to a standstill. >> scott cohn will have the latest on the ground. >>> apple you can see here during the month of october down nearly 11%. biggest monthly drop since november 2008. also just to remind you earlier we saw sony coming out with it numbers. market cap down to $11 billion. apple's market cap still way up, well over $500 billion. but not the best month for the world's biggest company. >> and a reminder these are your headlines. all three indexes snap a four month winning streak in october. u.s. election cam beening resumes as the northeast assesses the damage from super storm sandy. and shell sees profit drop by 15% on lower crude prices. earnings also expected to drop for e
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